QUESTION:

Alphas Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2016:

DATE	Activity	Quantity	Unit Price
5/1	Beginning Inventory	100	$10
5/5	Purchase	200	$11
5/10	Sales	200	$25
5/15	Purchase	300	$13
5/20	Sales	300	$35
5/25	Purchase	150	$15

Using the LIFO method, determine the dollar values following for the month of May:

1. Ending inventory

2. Goods Available for Sales

3. ales

4. Cost of Goods Sold

5. Gross Profit

ANSWER:

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